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Last Change Dow Futures Fall 100 Points Ahead of More DAILY MARKET REPORT 19.05.2021 Index Last Change DJIA 34,060.66 267.13 S&P 500 4,127.83 35.46 NASDAQ 13303.64 75.41 NIKKEI 27,971.46 435.38 HANG SENG 28,593.81 399.72 DJ EURSTOXX 50 4,005.34 1.50 FTSE 100 7,034.24 1.39 CAC 40 6,353.67 13.68 DAXX 15,386.58 10.04 US Dow futures fall 100 points ahead of more retail earnings U.S. stock futures were lower in overnight trading on Tuesday ahead of more retail earnings. Dow futures fell about 120 points. S&P 500 futures and Nasdaq 100 futures both traded in negative territory. On Tuesday, the major averages ended the day in the red after notching gains earlier in the session. The Dow Jones Industrial Average lost 267 points, dragged down by a 3% drop in Chevron’s stock. The S&P 500 dropped 0.9%. The Nasdaq Composite dipped 0.56% as Facebook, Amazon, Apple, Netflix and Google- parent Alphabet all closed lower. The technology-heavy index was up as much as 0.8% on Tuesday. Growth stocks have come under pressure lately on fears of inflation that could unravel the Federal Reserve’s easy policies. “Late-day weakness in this sector is becoming commonplace adding to fears it could be headed for a longer and more pronounced period of consolidation than expected,” Jim Paulsen, chief investment strategist at the Leuthold Group, told CNBC. Weighing on sentiment, housing starts fell 9.5% to a seasonally adjusted annual rate of 1.569 million units in April, the Commerce Department said. Economists expected housing starts to fall to a rate of 1.7 million units last month. Retailers Home Depot, Macy’s and Walmart all reported better-than-expected earnings on Tuesday. Earnings season continues on Wednesday with more major retailers like Target, Lowe’s, TJX and L Brands. Plus, Analog Advices, JD.com, and Cisco Systems also report quarterly results. The Federal Open Market Committee publishes the minutes from its April meeting on Wednesday. “Investors will be scrutinizing the release of the latest Fed minutes for any subtle hints as to when some tapering actions may be forthcoming,” added Paulsen. EUROPE & UK European markets set to plunge at open, following global stocks lower European stocks are expected to open sharply lower on Wednesday, following a global dip in stocks Tuesday. London’s FTSE is seen opening 63 points lower at 6,980, Germany’s DAX down 148 points at 15,258, France’s CAC 40 down 60 points at 6,308 and Italy’s FTSE MIB 220 points lower at 24,427, according to IG LONDON — European stocks are expected to open sharply lower on Wednesday, following a global dip in stocks Tuesday. London’s FTSE is seen opening 63 points lower at 6,980, Germany’s DAX down 148 points at 15,258, France’s CAC 40 down 60 points at 6,308 and Italy’s FTSE MIB 220 points lower at 24,427, according to IG. European markets look set to follow dour sentiment elsewhere; U.S. stock futures were flat in overnight trading on Tuesday ahead of more retail earnings, while stocks in Asia-Pacific slipped in Wednesday morning trade, with some markets in the region closed for holidays. Investors concerned about rising inflation will be keeping a close eye on the Federal Open Market Committee as it publishes the minutes from its April meeting on Wednesday. Minutes of the meeting could provide more clues on when the central bank could consider tapering bond purchases, a move that is expected to come before it increases interest rates. On the data front, U.K. inflation data for April is due while several European countries, including Germany, France and the Netherlands, release car registration data for April. European earnings come from E.On, which also holds an annual general meeting. Deutsche Boerse, Uniper, Experian and Premier Foods will also publish their latest results. ASIA Australia falls 2% as Asia-Pacific stocks mostly slip; Singapore Airlines shares drop nearly 3% Shares of Singapore Airlines were down 2.67% in Wednesday afternoon trade, with the firm set to announce its full-year results later in the day. Markets in Hong Kong and South Korea are closed on Wednesday for holidays SINGAPORE — Stocks in Asia-Pacific were mixed in Wednesday trade, with some markets in the region closed for holidays. Australia’s S&P/ASX 200 led losses among the region’s major markets as it closed 1.9% lower at 6,931.70. Mainland Chinese stocks were mixed, with the Shanghai composite down 0.68% while the Shenzhen component advanced 0.151%. The Nikkei 225 in Japan fell 1.28% to end the trading day at 28,044.45 while the Topix index slipped 0.66% to close at 1,895.24. MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.33%. In corporate developments, shares of Singapore Airlines were down 2.67% in Wednesday afternoon trade, with the firm set to announce its full-year results later in the day. Markets in Hong Kong and South Korea are closed on Wednesday for holidays. Oil prices slip nearly 1% Oil prices slipped in the afternoon of Asia trading hours, with international benchmark Brent crude futures down 0.79% to $68.17 per barrel. U.S. crude futures shed 0.86% to $64.93 per barrel. The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.717 following a recent slip from above 90. The Japanese yen traded at 108.93 per dollar, having strengthened yesterday from above 109 against the greenback. The Australian dollar traded at $0.7789, higher than levels around $0.774 seen earlier this week Economic Release Europe and UK Event Survey Prior EUR : CORE CPI 0.8% 0.9% GBP: CPI 0.6% 0.6% US and Canada Event Survey Prior US: FOMC MEETING - - US: CRUDE OL INV 1.623M -0.427M DOMESTIC MARKET Stocks Last Close Change Volume SOLIDERE A 25.08 25.09 0.01 59208 SOLIDERE B 25 24.91 0.09 7150 HOLCIM 17.94 17.94 0.00 0 BLOM GDR #N/A N/A #N/A N/A #N/A N/A 0 BLOM BANK 3.49 3.21 8.72 6558 AUDI GDR 2.5 2.4 0.17 5250 BYBLOS BK 1.01 1.01 0.08 0 FOREIGN EXCHANGE Currencies BID ASK EUR/USD 1.224 1.2275 GBP/USD 1.419 1.425 USD/JPY 108.8 108.85 USD/CAD 1.206 1.208 USD/LBP 1510 1520 USD/CHF 0.897 0.9 Commodities Spot Closing GOLD 1868.57 1869.44 SILVER 28.0462 28.185 CRUDE OIL 64.72 65.49 Market Summary Commodities Oil falls on concerns of Iranian supply return, inflation fears B r Oil pricese fell for a second day on Wednesday on the potential of Iranian supply returningn and as investors sold on speculation that inflation fears might lead the U.S. Federalt Reserve to raise interest rates, which could limit economic growth. c U.S. Westr Texas Intermediate (WTI) crude futures dropped 73 cents, or 1.1%, to $64.76u a barrel at 0241 GMT, following a 1.2% fall on Tuesday. d Brent crudee futures also fell 73 cents, or 1.1%, to $67.98 a barrel, after dropping 1.1% onf Tuesday. u t “There is a wider risk-off play that’s going on,” said Westpac senior economist Justin u Smirk, after oil prices fell and stock markets slumped as investors sold out of more r speculativee assets. s Smirk saidr speculation that the Federal Reserve might raise rates because of inflation fears weighedo on the outlook for growth and in turn on commodities demand. [nL2N2N51Z8]s e “The Fed’s1 very serious (about holding rates low), but the market’s speculating about earlier 5movement,” he said. c The Fede has indicated that interest rates will stay at their current low levels through 2023 thoughn futures markets show investors believe rates may start to be raised by Septembert 2022. s Oil prices, were also under pressure amid reported progress on talks between the Unitedo States and Iran to revive a deal limiting its nuclear program, which could lead to a liftingr of sanctions and a resurgence of Iranian oil exports. 0 “In the. most bearish case for oil prices, around 1.5% of global oil supply could come 2 online in under 6 months. We think any increase in Iranian oil supply though will likely % be more gradual,” Commonwealth Bank commodities analyst Vivek Dhar said in a , note. t o $ 6 4 . 2 9 Investors will be watching out for the latest U.S. crude and products stocks data from the U.S. Energy Information Administration due on Wednesday. Data from the American Petroleum Institute on Tuesday showed crude inventories rose by 620,000 barrels in the week ended May 14, while gasoline inventories fell by 2.8 million barrels and distillate stocks fell by 2.6 million barrels, according to two market sources. The rise in crude stocks was less than the 1.6 million barrel rise analysts had estimated, on average, in a Reuters poll, while the declines in gasoline and distillate stocks were bigger than anticipated. Gold hovers near 4-month high as dollar eases; Fed minutes in focus Gold prices inched up on Wednesday, hovering near a four-month high on a weaker dollar, while investors awaited minutes from the U.S.
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